Bank of America today released the fall 2012 Small Business Owner Report, a semi-annual study exploring the concerns, aspirations and perspectives of small business owners across the country. The survey, which includes an oversampling of small business owners across the metro New York City market, found the majority of metro New York’s small business owners are planning on sustaining or growing their business over the next 12 months. Specifically, more than one-quarter (27 percent) plan on hiring more employees, while 52 percent expect their staffing needs will remain consistent.
In addition, more than half (51 percent) of the metro New York small business owners surveyed anticipated that revenue will increase in 2013, while 13 percent expect revenue to decline. However, this optimism is tempered by their views on the economy, with only 35 percent of metro New York small business owners confident that their local economy will improve over the next 12 months. Respondents were even less confident in the national (34 percent) and global economies (24 percent) improving in that same period.
The significance of metro New York’s local economy
The study also shows that the local economy has the greatest impact on metro New York small business owners. Nearly two-thirds (65 percent) reported that the majority of their customers come from the local community, compared to 25 percent who indicated that customers come primarily from outside their local community but within the U.S. Only 4 percent indicated that the majority of their customers come from outside the U.S.Additionally, 71 percent of metro New York’s small business owners believe that the local economy plays a significant role in their business. Comparatively, 54 percent believe the national economy plays a significant role, and only 36 percent believe the global economy is significant to their business. “It’s a very difficult time right now for small business owners in metro New York City, and the tri-state area, in the wake of Hurricane Sandy. We know it will take some time and a lot of hard work to get back to business and get the local economy moving again,” said Tim McDonald, Small Business Banking manager, Bank of America. “But despite the challenges many small businesses now face, I have been inspired by their optimism, tough-as-nails determination, and sense of community.”